According to the statement released by the Energy Chamber of Trinidad and Tobago, domestic steelmaker TT Iron Steel Company Limited (TT Iron) has acquired the idle iron and steel plant which was owned by ArcelorMittal Point Lisas Ltd, a subsidiary of Luxembourg-based steel giant ArcelorMittal, in the Point Lisas Industrial Estate in Trinidad, following a purchase deal with the latter.
TT Iron will begin modernization of the plant, which is one of the largest steel plants in the Americas capable of low-carbon steel production, to put it into operation within the next 12 months. Initially, the company will produce steel products via electric arc furnace and then will switch to the natural gas-based direct reduced iron (DRI) method, benefiting the local economy. Constructed first in 1980, the plant has witnessed several renovations over the years.
“This is an exciting time for Trinidad and Tobago, as steel is fundamental to the circular economy. TT Iron’s vision to produce green steel, on a phased commercially viable basis, will lay the foundation for the accelerated development of the local green economy,” Monty Pemberton, chairperson of the chamber, stated.